Profits warning at Thorntons

Another day, another profit warning. Chocolate seller Thorntons had already had three in a year when Peter Burdon arrived as chief executive three weeks ago.

He duly obliged with the fourth. Thorntons has had at least eight trading setbacks since 1995.

Former Boots executive Burdon says too many Easter eggs were laid and many had to be sold off at half price. The previous management 'tried to do too many things, expanded too fast and sales did not keep up with costs.' Year-to-June profits 'will not exceed £5million' after £10million last time.

The shares fell 12p to 93 1/2p, valuing Thorntons at just £62million. After all its troubles, it could become a mouthful for a big rival such as Jacobs Suchard. Burdon will halve store openings to 20 this year and says: 'We have to deliver short-term profits to win back credibility.'